Gold Price Forecast – Gold Markets Bounce Slightly
Gold Price Predictions Video for 08.02.23
Gold Market Technical Analysis
Gold markets have rallied just a bit during the trading session on Tuesday to show signs of hesitation. At this point, the $1900 level looks like it is going to offer little bit of resistance, so look at this through the prism of a potential short-term pop and then potentially some selling pressure. If we break above the $1900 level, then it’s possible that we could see the market start to take off again and continue the overall bullish pressure that we had seen previously.
Breaking down below the bottom of the candlestick for the trading session on Monday would signify even more weakness, and at that point I think we would start to threaten the 50-Day EMA. I don’t necessarily believe that the market is ready to collapse, but if we get that move one would have to think that we have further to go to the downside.
On the other hand, if we do recapture the $1900 level, then it’s likely that we would see this market really starts to take off. At that point, I would expect to revisit the highs again, and eventually make the push towards the $2000 level. It would not surprise me to see that happen at all, but I don’t expect it to be an easy move. With this being the case, I would look at this through the prism of perhaps a buying opportunity eventually, but maybe not right away. At this point, the 50-Day EMA almost certainly attracts more attention than anything else.
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